July exports up marginally

PHILIPPINE export earnings in July 2011 inched up 1.7% from $4.505 billion to $4.430 billion year on year, according to the National Statistics Office.

Month-on-month, it increased 7.3% from $4.128 billion in June 2011.

From January to July, export receipts grew 3.3% to $29.187 billion from $28.246 billion for the same period a year earlier.

Accounting for 50.9% of the total in July, electronic products emerged as the Philippines’ top export with receipts of $2.253 billion, down 21.3% from $2.862 billion registered in July 2010. However, on a monthly basis, electronic products expanded 2.0% from $2.210 billion.

Articles of apparel and clothing accessories followed as the second top export earner in July with total receipts of $189.03 million or a share of 4.3% to total exports revenue. The commodity grouping rose 30.1% from its July 2010 level of $145.31 million.

Woodcrafts and furniture ranked third with sales amounting to $166.12 million or a 3.7% share to total exports. This value jumped 68.9% from $98.34 million recorded in July 2010.

Accounting for 23.8% of the July aggregate, Japan was the country’s top export destination with revenue amounting to $1.054 billion. This was 84.7% higher than the $570.99 million recorded a year ago.

The US with 14.7% share to total exports followed as the second top market for July with export earnings worth $651.52 million, down 9.5% from $720.11 million reported a year earlier.

The People’s Republic of China representing 12.3% of the total exports came in third, with shipments reaching $546.55 million. Compared to its year-ago level, this expanded 38.7% from $394.05 million.